Despite warnings by the republican party that the new tax cuts package may not take place as soon as planned the S&P did what it always does, it took the bad news and made good of it. After dropping down to 2579.75, down -7 handles, the ES recovered by the time the 8:30am CT bell came around, and opened up the day session at 2584.50. After a quick test of the overnight low, down to 2581.50, the ES turned higher, and never looked back. By 12:00pm CT, the S&P 500 futures were trading at 2591.00, and for the rest of the day, traded in a consolidated 3.50 handle range between 2592.50 and 2589.00.
Helping the index market make new all-time highs was a batch of positive corporate earnings and Apple closing up +0.80%. Last week Apple reported its best quarterly growth in two years, and yesterday became the first U.S. company ever to reach a market cap of $ 900 billion. According to FactSet, over 85% of S&P 500 companies have reported third-quarter results as of yesterday morning, with roughly three-quarters of them beating expectations.
It was an incredible day for the markets, they just won’t give up. As for the days overall volume, it was good, and the overall tone felt very bullish. All the drops did was add fuel to the fire.
In the end the S&P 500 futures (ESZ17:CME) settled at 2591.00, up +4.25 handles, or +0.16%; the Dow Jones futures (YMZ17:CBT) settled at 23,491, up +3 points, or +0.01%; the Nasdaq 100 futures (NQZ17:CME) settled at 6341.50, up +25.50 points, or +0.40%; and the Russell 2000 (RTYZ17:CME) settled at 1435.90, up +2.70 points or +0.18% on the day.
As always, please use protective buy and sell stops when trading futures and options.
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- In Asia 6 out of 11 markets closed higher: Shanghai Comp +0.36%, Hang Seng +0.79%, Nikkei -0.20%
- In Europe 11 out of 12 markets are trading lower: CAC -0.64%, DAX -0.88%, FTSE -0.60%
- Fair Value: S&P -3.07, NASDAQ -2.43, Dow -51.98
- Total Volume: 1.05mil ESZ & 536 SPZ traded in the pit
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